This report provides an analysis of the armored vehicles market for the forecast period from 2018 to 2023. It discusses industry and technological trends that are currently prevailing in the market. The report analyzes the factors that are driving and restraining the growth of the armored vehicles market as well as the challenges faced by this market. It also provides information on the growth opportunities for the market. The armored vehicles market is projected to grow from USD 14.3 billion in 2018 to USD 16.8 billion by 2023, at a CAGR of 3.25% during the forecast period. Key factors fueling the growth of the market are the increasing demand for armored vehicles due to rise in the instances of cross-border conflicts and rising incidences of asymmetric warfare across the globe.
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Based on platform, the armored vehicles market has been segmented into combat vehicles, combat support vehicles, and unmanned armored ground vehicles. The unmanned armored ground vehicles segment is projected to grow at the highest CAGR during the forecast period. Increasing demand for unmanned systems in battlefields is fueling the growth of this segment of the market.
Based on mobility, the market has been segmented into wheeled and tracked. The wheeled segment is projected to grow at a higher CAGR as compared to the tracked segment during the forecast period. Increased demand for 4x4 light armored vehicles by military forces to carry out Intelligence, Surveillance, and Reconnaissance (ISR) activities and transport defense personnel and equipment from one location to another is fueling the growth of this segment of the market.
Based on system, the market has been segmented into engines, drive systems, ballistic armor, turret drives, fire control systems, armaments, countermeasure systems, Command & Control (C2) systems, power systems, navigation systems, ammunition handling systems, observation & display systems, and hulls/frames. The C2 systems segment is projected to lead the armored vehicles market during the forecast period. The growth of this segment can be attributed to the increasing focus of military organizations on the deployment of vehicles that can function as command posts and provide necessary voice and data connectivity for intelligence inputs, fire support, and maneuvering in battlefields.
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